Home loan provider Can Fin Homes, driven by Canara Bank, plans to raise Rs 4,000 crore in debt capital and will seek board approval for the proposal later this month. The company’s board of directors is scheduled to meet on October 17, 2022, to approve the company’s financial results for the second quarter and first half of 2022-23.
“At the aforementioned meeting, the proposal is being submitted to the board for approval and authorisation for a private placement of non-convertible callable bonds of up to Rs 4,000 crore,” Can Fin Homes said in a regulatory filing on Thursday. The company said it would raise funds in one or more tranches ahead of its annual general meeting this fiscal year.
The home loan company said shareholders approved the borrowing plan at its annual general meeting on September 7, 2022. Canara Bank holds a 29.99% stake in Can Fin Homes. Can Fin Homes is trading at Rs 499.60 per share on the BSE, up 0.82% from its previous close.